40-3002. Purpose.
40-3002
40-3002. Purpose.(a) The purpose of this act is to protect, subject to certain limitations,the persons specified in subsection (a) of K.S.A. 40-3003 and amendmentsthereto against failure in the performance of contractual obligations, underlife and health insurance policies and annuity contracts specified insubsection (b) of K.S.A. 40-3003 and amendments thereto, because of theimpairment or insolvency of the member insurer that issued the policies or contracts.
(b) To provide this protection, an association of insurers is createdto pay benefits and to continue coverages as limited herein, and members ofthe association are subject to assessment to provide funds to carry out thepurpose of this act.
History: L. 1972, ch. 190, § 2;L. 1984, ch. 161, § 3;L. 1986, ch. 180, § 1; July 1.